Proterra Investment's Third Private Credit Fund Attracts $275M

Middle-market food and beverage investor Proterra Investment Partners said it has so far raised $275M for its third private credit fund, Proterra Credit Fund 3.

The Minneapolis-based alternative asset manager secured commitments for the fund from six investors since it commenced the sale on December 20, 2024, according to a January 2, 2025, filing with the SEC.

Proterra Credit Fund 3's predecessor closed in 2023 having surpassed an initial hard cap of $500M. Proterra Credit Fund 2 drew support from new and existing investors, including pension funds, insurers, family offices and registered investment adviser clients.

Through its credit funds, Proterra Investment supports middle-market food and beverage companies in North America. The firm provides financing for capital improvements, growth initiatives, acquisitions and other needs of these companies.